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Jan 7, 2013

SBI launched Mobicash Easy mobile wallet service

State Bank of India has launched mobile wallet service MobiCash Easy on a pilot basis in Mumbai and Delhi.

The prepaid service allows customers to transfer money to any bank account or to any wallet issued by State Bank of India, pay bills, recharge mobiles, and pay for digital TV and broadband connections.

The customers can also check their balance and the last five transactions they conducted through their mobile wallet.

Both SBI and non-SBI customers can make use of this service.

The product does not require any Know-Your-Customer (KYC) compliance.

Customers can register themselves for SBMC Easy at any of the Oxigen retail outlet.

With this, SBI plans to tap the migrant population who send money home frequently.

“Even though the product can be used by any segment of the population, it is designed in such a way that it can help immensely the migrant labourers who generally do not carry any document to meet KYC compliance but always have a need to send money home,” SBI said in a statement.

As per Reserve Bank of India guidelines, customers cannot withdraw money from their wallet once it is deposited.

At any time, the balance in the mobile wallet is capped at Rs 10,000 a month.

The customers cannot send more than Rs 5,000 in a single transaction to another mobile wallet issued by SBI.